Distinction

Energy consultant James Wilson of LECG LLC’s Washington, DC, office said he agreed with FERC’s staff’s conclusion last week that there probably was gas market manipulation during autumn 2000 to early summer 2001. However, he believes staff provided no evidence for the additional claim that published price indices were inaccurate or manipulated. Also, Wilson said it would be hard to distinguish the impact of manipulation vs. price increases due to market forces (see Daily GPI, Aug. 15).

Sumas had the distinction Tuesday of being the first point tosurpass $3 pricing in the current winter heating season, althoughPG&E citygates had gotten as high as $2.92 in the second weekof November (see Daily GPI, Nov. 11). In super-volatile quotes thatranged from the $2.20 area to as high as $3.40 (one source said heheard a $3.50 deal got done), Sumas soared far above an overallmarket that had turned stagnant since Monday’s strong rebound.